Unpolished Watches

One of the reasons I find watch collecting so fascinating is that it puts on full display the entire breadth of human psychology: Why we want the things we want, and how to be happy with what we already have.Today’s guest is kingflum, who writes the newsletter Screwdown Crown. He’s known just as much for his diversions on psychology as he is for calling out the BS he sees in the watch industry. We discuss how to appreciate watches without having the sometimes unhealthy desire to own every single one; the two systems always at work in our brains; how Instagram has changed watchmaking; enjoying his titanium Rolex Yacht-Master and Romain Gauthier C6; why your taste is not as personal as you think; the McMansion effect and the power of mimetic desire; the difference between a community and a cult, and which are FP Journe owners? On the eve of Watches & Wonders, we also talk about the industry: Is the slowdown cyclical or existential; the rise of Chinese manufacturing; the death of the middle market. We close with a few minutes on the current state of watch media: How brands are (or aren’t) interacting with independent newsletters, handling criticism, and is now the most exciting time to be an enthusiast? Subscribe to Unpolished here.Subscribe to Screwdown Crown here. Our book recs: * Thinking, Fast and Slow* Alchemy: The Dark Art of Creating Magic* Wanting: The Power of Mimetic DesireUnpolished subscribers get:* 2 newsletters/week* 10% off U.S.-made straps in the Unpolished Store* $50 off any service from WatchcheckSubscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSSUnpolished is the newsletter for watch collectors, and a top-20 Fashion & Beauty Substack. Join for free or get all the good stuff for $8/mo: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

Paid subscribers can see the full newsletter and show notes here: https://www.unpolishedwatches.com/p/precision-and-the-protection-of-disbeliefWelcome back to the newsletter for watch collectors. A few notes:* Canvas Straps are now available in 20mm and, for the first time, 22mm. Shop the Unpolished Store here—all paid subscribers get 10% off. Pick one up at the launch price of $65 for the next week. * Upgrade to Founding Membership here to get the 2025 Rewind Magazine. For annual subscribers: An email from Monday also has another easy way to upgrade.* Unpolished hit #20 on Substack’s Fashion & Beauty leaderboard, which I believe roughly tracks paid subscriptions. There are just two male writers in front of me—Jake Woolf, I’m coming for you.* I was on Derek Mon’s YouTube and talked about a few watches here. * Today’s letter is brought to you by Pushers.io—more below.This is the podcast version of the Unpolished newsletter from February 28, 2026.* To subscribe and get full access to the newsletter and show notes, head to: unpolishedwatches.comSubscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSSUnpolished is the newsletter (and podcast) for watch collectors. Join to get all the good stuff for $8/mo or $89/yr: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

Paid subscribers: Follow along with the full show notes here. To become a subscriber, join Unpolished Watches or manage your account here. Founding Members receive the 2025 Rewind Magazine, which you can learn more about here. This week’s format is a little different. Last year’s most popular podcast was How to Collect Neo-Vintage Watches. We’ll have more “How to Collect” episodes this year, but in addition to a podcast, I’ll write a more comprehensive Collector’s Guide for paid subscribers to follow along. Each episode will feature a dealer or expert going deep on their particular niche.Unpolished is the newsletter for watch collectors and a top-20 Fashion Substack. Subscribe now ($8/mo) to get all the good stuff, including the show notes to follow along with this podcast: This week: The vintage Rolex Daytona with dealer Michael Morgan of Iconic Watch Company. Michael’s a dealer based in Orange County who focuses on vintage Rolex. Collecting is about recognizing patterns, and whether or not you’re interested in the Daytona, this episode will help you understand those patterns in vintage Rolex and how to think about originality and period correctness. We cover all four-digit Daytona references, starting with the last Pre-Daytona 6238.The vintage Daytona can be divided into three eras:* Pump pusher era: Refs. 6239 and 6241 (1963–69)* Transitional era: Refs. 6262 and 6264 (1970-71)* Screw-down era: Refs. 6263 and 6265 (1972-1988)* “Experimental” reference 6240 (1965-69)The Daytona’s been covered again and again, so instead of repeating what you already know, I’ll try to fill gaps I see in what’s been published and talk about the market right now. Why now? While everyone else is going crazy for neo-vintage Patek Philippe, smart collectors are zagging, baby!We focus on standard dials, though the exotic Newman is mentioned a few times. In 1988, Rolex discontinued the manual-wind Daytona, replacing it with the automatic Zenith Daytona.Other Show Notes: Here’s the Patek Philippe 5004P and First Series Patek Philippe 3970 we open by talking about. Both were listed for $750k by European Watch Co. The 3970 has since sold, which I suppose shows which one the “market” finds more compelling right now. Subscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSSUNPOLISHED STORECheck out our Matte Calfskin and Canvas Straps in the Unpolished Store. We’ll be adding 22mm Canvas Straps in the next couple of weeks (and restocking 20mm)—in the meantime, 18-19mm straps are on sale for just $65. Shop the Unpolished Store now. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

Paid subscribers: All winners of the holiday giveaway are being individually emailed today. If that’s you, please respond in 24 hours before I draw the next name!Welcome back to the Unpolished podcast. Our first conversation of 2026 is with Nicholas Bowman-Scargill. He’s the 4th managing director of Fears Watches, based in Bristol, U.K., and the great-great-great-grandson of Edwin Fear, who founded Fears in 1846. Fears closed its doors in 1976, but Nicholas reopened them in 2016. This year, Fears is celebrating the 10th anniversary of its re-founding and the 180th anniversary of its original formation.Nicholas made an early-career pivot to watches, joining Rolex in the U.K. as a watchmaking apprentice. After five years at Rolex, he set off on his own to relaunch his family’s dormant watch company. We talk about what he learned at Rolex, why the Crown makes such good movements for watchmakers, 10 years of Fears, mistakes he’s made, the state of British watchmaking, how to make a good watch case, and a lot more. Subscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSSUNPOLISHED STOREIf you’re enjoying the podcast, head over to the Unpolished Store to pick up one of our Canvas or Leather straps. The leather straps are a high-quality french calfskin that sits right between dressy and distressed. The Canvas Straps are 100% cotton—unlike other canvas straps, they aren’t lined which means they’re thin, flexible, and comfortable: * Shop the Unpolished StoreI’m able to keep the podcast free thanks to your support with subscriptions or buying straps! Show Notes:* Fearswatches.com* What does craft actually mean to you? (last week’s newsletter* Fears Brunswick collection* Fears Arnos (my favorite Fears)* A Theory of the Case, last weekend’s newsletterGet in touch:* tony[at]unpolishedwatches.com* Instagram* Tap the heart, leave a comment, or review the podcast wherever you’re listening. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

Jack Forster is the global editorial director of the 1916 Company. You can also find his writing on his newsletter, Split Seconds. Jack joined me to look back on 2025 in watches. Jack names his “Escapement of the Year,” “Chronometer of the Year,” and we talk about some of the biggest trends in watchmaking—finishing, craft, complications, technical innovations, and more. Before that, we also look at Breguet’s new magnetic escapement in the Experimentale 1. We discuss what it means to be a “collector,” and whether there’s a difference between collecting and accumulating; whether we should bring back real chronometer awards; and the best thing Jack’s had on his wrist all year. It’s not all sharp internal angles and technical innovations though, we also talk about some of our favorite releases of the year Follow Jack’s newsletter, Split Seconds, and find him at the 1916 Company. Subscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSS.Subscribe for $99/year ($8.25/mo) to get all the good stuff, plus 10% off in the Unpolished Store and $50 off any service at Watchcheck:VISUAL NOTESSHOW NOTES* In Conversation with Philippe Narbel, Fourth Wheel* The Sharp Inner Angle And The Limits Of Machining, Split Seconds* Breguet Launches The 250th Anniversary Expérimentale 1, With Magnetic Escapement, 1916 Company* Breguet Experimentale 1: Anatomy of a Magnetic Escapement, Relogios Mecânicos * Some Quality Time With The Grand Seiko Spring Drive UFA, 1916 Company* Zenith Introduces The GFJ Caliber 135, An Old School Champion Of Precision, 1916 Company* Daniel Roth, a surprising breakout watchmaker of 2025, UnpolishedGet in touch:* tony[at]unpolishedwatches.com* Instagram* Like this post or leave a comment if you’re enjoying the podcast interviews and want to see more in 2026: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.unpolishedwatches.comI. Pink Gold 2499There was a pink-gold Patek Philippe 2499 behind me, at about my 7 o’clock. On the Friday morning of the Geneva auction weekend, I was drinking a 12-franc cappuccino in the Mandarin Oriental’s restaurant with a friend. Pink Gold 2499 was at the table behind us, enjoying the CHF 42 continental breakfast with his family after landing in Geneva an hour earlier. This wasn’t just any 2499, but a First Series, perhaps the one that sold for CHF 3.1m just last year, and the only known with the larger Wenger case. It turned out my friend knows Pink Gold 2499, so we were introduced as I left the Mandarin and my half-drunk cappuccino, pretending not to care about the wasted 6 francs. Pink Gold 2499 was friendly and casual, especially for a Pink Gold 2499. We exchanged WhatsApp and Instagram handles. I traveled to Geneva on my own dime thanks to the support of paid subscribers. To get (1) a 10% discount to the Unpolished Store and (2) a $50 discount on a service from Watchcheck, upgrade for $9/mo or $99/year:The next afternoon at Phillips’ 10th anniversary sale, Pink Gold 2499 was again at roughly 7 o’clock behind me. We both sat there for 90 minutes, this time surrounded by 500 people, half standing around the perimeter of the ballroom of the Hotel President Wilson, all waiting for Lot 23: Patek Philippe Ref. 1518, “A genre-defining, historically important, highly collectable stainless steel perpetual calendar chronograph wristwatch with moonphase display, one of four known. (Estimate: In excess of CHF 8m).” As Lot 23 came up and Aurel Bacs began his pitch for the Steel 1518, Pink Gold 2499 interrupted to shout:“8 MILLION!”“A bid from a savvy Chinese collector,” Bacs said from the rostrum. The interruption was the perfect hook for a short-form video, though perhaps not the way an auction house would’ve preferred to slowly build momentum for the biggest watch of the weekend and one of the most important in the world. After that, bidding was as slow as the air is thin above 8 million francs, though at least five bidders got involved after Pink Gold 2499’s bid. A playful moment came at CHF 10m when dealer Davide Parmegiani placed a bid. “You don’t have a premium paddle, but you have a premium name,” Bacs said as he took the bid from his friendly rival and the chairman of Monaco Legend. Bacs was auctioning off the first steel 1518, while Parmegiani had just completed a private sale of the third steel 1518 (rumor is the buyer’s a low-key European collector). The second example is documented in collector Sandro Fratini’s My Time (and has the most raw dial), while the fourth and final known is slightly different from the first three because it features a larger case made by Wenger. The first three have cases by Genevor. After nearly 10 long minutes of bidding but mostly waiting, this Steel 1518 hammered for CHF 12m, an all-in price of CHF 14.19m ($17.6m, just shy of Paul Newman’s Paul Newman in 2017), going to a winning bidder on the phone. II. TimexAt auction previews, you’re typically helped by a viewing assistant. A young 20-something with dreams of working in “luxury” hands you a pencil and paper where you write down a few lots at a time, which they then dutifully bring over on a tray. I chatted with my assistant at Christie’s, a recent university graduate from a hospitality program in nearby Lausanne, Switzerland. He was 23 and wearing a Timex as he carried over a pink-gold Rolex “Jean Claude Killy” (sold: CHF 520,700) and a black dial Patek 570 (sold: CHF 419,100) on a black velvet tray. The assistants don’t know or care if you’re a superdealer or a lookie-loo like me—mine even offered to hold my light as I took a few photos of my favorite watches.But back at the Phillips preview, the Steel 1518 was different. It had to be signed out and supervised by one of Phillips’ higher-ranking specialists. I’m told it’s in the same condition as when Phillips last sold it in 2016. It may not have even left Geneva. While the other auctions squeeze their previews into hotel ballrooms with no natural light, Phillips builds a temporary structure on top of the pool deck at the five-star President Wilson. There’s a view of Lake Geneva. The way these beautiful watches are fondled all weekend by barbarians and newsletter writers feels almost undignified for such pieces of history, but at least the 1518 gets a view of the lake. Once Lot 23 arrived, time stamps on my camera suggest I got about 4 minutes with the Steel 1518, but it felt like no time at all. Phillips knew I wanted more time, especially given the online discussion from Perez and others, about the dial condition of the 1518. So they asked if I wanted to come back for the opportunity to see and photograph the dial with the crystal off.Of course, I said yes. Here’s what I saw. III. Engraved EnamelRecently, I dedicated an article to engraved enamel dials. Given its relevance to these auctions, I’ve unlocked it for everyone. It’s the most useful introduction to the engraved enamel process I’ve found online. As I explain:“These dials were designed to be cleaned and restored to last for generations, unlike the ink of pad printing, which fades with time. This engraved enamel process involves more steps and craftsmanship than printing, which is why it was only used by high-end brands.”Old Patek Philippe watches feature engraved enamel dials, and most show some signs of cleaning or restoration. “Restoration” isn’t an inherently bad word. Some restorations are sympathetic and less invasive; others, less so. Where you draw the line is often a matter of taste. One collector sees blemishes; another sees raw originality. Most of us live somewhere in between. Original engraved enamel is clean and crisp, with sharp, uninform markings. When these dials are “washed” or “cleaned,” this typically means some solution or chemical was used to clean the dial. This can cause the dial to lose some of its hard enamel, and markings may start to look uneven or faded. Sometimes, this is painted over with “soft” enamel after a cleaning. While hard enamel is typically slightly raised, soft enamel looks more like paint. Dials may also be sanded during cleaning, which can soften calendar cutouts and subdials. It’s often said this can create subtle vertical striations, though it must also be mentioned that vertical brushing could also be applied during original production. With its crystal off, the Steel 1518 reveals the quiet scars of its 80 years—some cleaning, some fading, some mystery:* Cleaning. Phillips’ condition report says it "may have possibly seen one light professional surface clean.” Lot descriptions and condition reports can be useful, but they’re also sales pitches. Especially given the enamel loss in certain spots, I’m comfortable saying it’s been cleaned. * Patek Philippe & Co. logo. The 12 o’clock logo is more faint than the rest of the dial markings. It shares this with the third steel 1518, recently sold by Parmegiani. It could mean they left the factory this way, or that they have handled 80 years of wear similarly. * Indentation. Interestingly, the logo appears slightly indented. It’s perhaps most helpful to analyze watches by comparison, so let me start here: I’ve had the opportunity to loupe one other steel 1518 besides this one (not Parmegiani’s). Its 12 o’clock logo has the exact same indentation. Again, I don’t know if the dials were born this way, or if this is the result of 80 years of aging. But at least two of the steel 1518s share this characteristic.* Outer scales. The outer scales look raised, which is what you’d expect of an engraved enamel dial. There is some visible enamel loss. Some numerals have partial enamel missing, while some scales look messier. For example, note 6 o’clock where the date subdial and all scales converge (below). * Vertical striations. As mentioned, it’s often said a vertical pattern can indicate cleaning with a slight abrasive. In places, you can see vertical striations or scratches that seem to stretch across the silver of the dial and the enamel:Here’s what else we know: This dial has looked the same since at least 2010, when it was published in John Goldberger’s Stainless Steel Patek Philippe (image here). Since then, it’s passed from Alfredo Paramico to a well-known Australian collector, and twice through Phillips. Anyway, cleaning and restoration are to be expected for an 80-plus year old Patek that also happens to be one of the most famous watches in the world.Scroll through the photos in my engraved enamel article and you’ll see watches with crisper signatures and scales. They also tend to be younger. And of course, there’s no stainless steel 1518. If you want one of those, you can’t exactly be picky. And you’ve gotta be ready to pay up. Meanwhile, I can hardly leave behind six francs of cappuccino at the Mandarin.In Phillips’ great video about the steel 1518, Parmegiani explains that washing a dial affects its condition, but not its originality. A dial can be washed but still perfectly original. He goes on to say that of the roughly 80 ref. 1518s he’s sold in his career, perhaps five had untouched dials. Dealer John Reardon makes a broader point: Watches are literally living objects. In vintage Patek Philippe, the movement oil and the Zapon—the clear protective layer on top of the dial—are organic compounds. They naturally degrade over time, eventually necessitating preservation and restoration.Perhaps the best illustration of original hard enamel compared to a restored dial I saw this week came on two Agassiz world timers. One was owned by a private collector; the other sold at auction: IV. It’s Okay to Say ‘I Don’t Know’In that Phillips video, Parmegiani says: “Restoration is something the market has to understand, otherwise they will not be able to understand, love, and appreciate the pieces they see.”This time around, the discussion about the Steel 1518 got completely wrapped up in condition, enamel, and logo indentations. As I left the room after photographing the 1518, I had to remind myself: This newsletter might never cover a steel 1518 again. But this is also where the watch industry can do more. Rediscovering the history of an 80-year-old watch is like putting together a jigsaw puzzle that’s missing half its pieces. It’s impossible to know for sure what’s been done to it. Especially if dealers or experts hold whatever pieces they have close to the chest. In fact, this is the very joke I was trying to make with the name of this newsletter: Sellers call watches “unpolished,” when in fact, it’s nearly impossible to prove whether a case has been polished or not.I spent 45 minutes with the Steel 1518, crystal off, and I’m comfortable to say: I don’t fully understand the puzzle. I like to think there’s a certain confidence in being able to say I don’t know. Admitting that I don’t have all the answers, especially when it comes to 1518s. Be skeptical of anyone who speaks in absolutes. Condition and restoration are still not discussed in the open enough. This causes them to be thrown around like bad words, which leads people to make illogical leaps from “washed” to “franken” to “fake,” when in fact cleaning a dial doesn’t affect originality or authenticity.When the industry doesn’t educate, people fill the gaps with assumptions, conspiracies, and worst-case scenarios. It’s on us to offer knowledge and clarity before confusion takes hold.That video discussion between Dr. Helmut Crott, Reardon, Bacs, and Parmegiani was a great start, an introduction to how dealers at that level discuss restoration and condition. It would’ve been compelling to see them take it one step further— to discuss how that thinking applies to this particular 1518. Phillips letting me take and publish these photos is another great step (thank you!). Of course, their main obligations is to their clients. And there, it’s the result that matters: CHF 14,190,000.Leave a comment or heart if you enjoyed this dispatch. I posted a quick video of much of the bidding on the Steel 1518 without commentary. The comments, for some reason, got nasty. But I trust the thoughtful Unpolished newsletter audience will be more civil!Lot NotesAcross the auctions, one theme I saw play out was major players paying respect to the history of watches by bidding at auction. Here’s who won that Mercedes Gleitze Rolex, and what FP Journe walked away with:

This is the audio edition of my October 29 essay, How to Actually Develop Good Taste. Subscribe to the podcast to get future episodes in your feed: Spotify / Apple / RSS. Shop Canvas Straps in the Unpolished Store. Paid subscribers get 10% off. Upgrade your subscription now:Get in touch:* tony@unpolishedwatches.com* Instagram* Send me a DM on Substack: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

Hello everyone. Like last week, today’s grab bag is also available as an audio issue. Listen above or find it on Spotify / Apple / RSS. It’s coming a little later because I saw Doechii on the first night of her Swap Tour here in Chicago. She’s awesome. In today’s newsletter: Two ideas for indie watchmakers, when watch design changes behavior, why collectors have such a fetish for “firsts,” my favorite watch from Monaco Legend’s auction this weekend, and how to get banned. To get all of Unpolished’s best takes, become a paid subscriber for $9/mo or $99/year:AHCI at 40. The AHCI (Académie Horlogère des Créateurs Indépendants) is a non-profit of independent watchmakers founded by Vicent Calabrese and Svend Andersen in 1985. To mark its 40th anniversary, Europa Star ran a great roundtable with 12 of its members, including FP Journe, Philippe Dufour, and the newest, Shona Taine. Interest in indies is still hot, but nowadays watchmakers also have all kinds of opportunities to showcase their work on Instagram or wherever else, and AHCI is looking for ways to stay relevant as an arbiter of real independence. Journe was particularly outspoken, offering two ideas: * 🥇 Grand Prix de l’Academie Awards: This takes the idea of the GPHG, Louis Vuitton Watch Prize, or Cartier Prize for Watchmaking and flips it on its head. Journe suggests the Academy awards and recognizes large brands for achievements in watchmaking. He says that brands might sheepishly accept these awards, but would be delighted by the recognition. “We need to put the Academy back at the summit and reward industrial brands when they do a good job,” Journe adds. * 🦭 Poinçon de l’Academie: Riffing on the Geneva Seal or Qualité Fleurier, Journe suggests a certification for watches that meet criteria set forth by the Academy. For example, to be an Academy member, a watchmaker has to personally develop and make at least 60% of their watch.They’re both good ideas. (1) Maybe the best marketing the Lange Datograph ever got was when we learned Philippe Dufour wears the pink gold version—it’s even called the Dufourgraph. (2) And an Academy Seal could bring some clarity or transparency around who’s actually doing what (or not) in the world of indies. Of course, there’s the old adage that “when a measure becomes a target, it ceases to be a good measure,” so the exact parameters of such a seal would need to be carefully considered, but AHCI’s got the minds for that. Here’s the entire discussion with Europa Star.💭 When watch design changes your behavior. Jason Fried is a tech founder and also well-known as a watch collector. He recently wrote about when design drives behavior. Sometimes, design is what something looks like; sometimes, it’s how something works. But, Jason says, the most interesting designs change your behavior. Take the Lange 1’s power reserve: Its 72-hour power reserve isn’t linear. It takes just one day for the indicator to hit roughly the halfway point. This makes it seem like the mainspring is unwinding faster, encouraging its owner to wind the watch more frequently. That means it’s less likely to run out of power or hit the low end of its power reserve when watches are typically less accurate. Are there other examples of watch designs that actually change your behavior? The power reserve on the FP Journe Chronometre Souverain might be similar: It’s inverted to show “hours since last wind,” a nod to old marine chronometers and perhaps a subtle nudge to its wearer.PRESENTED BY THE COCONUT GROVE WATCH & JEWELRY SHOWThe inaugural Coconut Grove Jewelry & Watch Show, taking place November 14-16, 2025, at The Hangar at Regatta Harbor, will feature a global roster of renowned antique, vintage, and estate dealers. It’s organized by the same folks who put on the Original Miami Beach Antique Show, one of my favorite shows every year. Join fellow watch enthusiasts and uncover exceptional and rare vintage and estate watches that can’t be found anywhere else. This three-day shopping event is your invitation to indulge!For complimentary tickets, register today and use promo code UNPOLISHED:The Fetish for ‘Firsts’The other day, I was listening to one of my favorite watch podcasts, Hairspring, minding my own business and enjoying the nice fall weather. The two hosts were discussing the large and increasing premium between a first and third series Patek 3940 perpetual calendar, and then I heard myself being put on blast!See, I’d reached out to my buddy Erik of Hairspring for quotes for a GQ article a few months back. Erik gave some extremely wise thoughts that didn’t fit into that silly GQ pitch, but I’d been sitting on them to include in a future newsletter instead.They were addressing the question of whether the premium is justified on a first series 3940 that sells for, say $120k, and a later third series that sells for half that. Here’s what Erik told me a couple of months ago:“There are always the ‘special’ variants of storied references, and I believe most newer collectors undervalue them. For example, if you’re looking to buy a Patek 3940, you can get a third series for $60k. Or, go all the way to a Beyer first series where the most recent result was CHF 292k in 2023. Newer collectors look at that delta and think, ‘a small change in color and signature can’t possible justify a 5x value?’ The logical fail I see often is newer collectors anticipating that others will think this way too, and so eventually the normal variants have to catch up, right? This is almost never the case if you study prior examples. The value of the first series continues to climb at a rate much faster, and much further away from the third series. And there’s a whole section of buyers who only consider the most special or rare version of any given watch and are willing to pay what it takes to acquire one. That premium is unintuitive, but across Patek Philippe, Rolex, and nearly everywhere, it multiplies over time rather than evening out.” He’s right: There’s basically an entire segment of collectors who only want the “best” or the first or something. This has been very obvious with the Patek 3940 and 3970 the past couple of years, where prices for early examples have grown much faster than on later series. It’s the same for A-Series AP Royal Oaks, brass Journes, or closed-caseback Lange 1s. But it usually takes time for collectors to make these distinctions. In fact, if you use my market cap analysis, I might argue that early series 3970s/40s are still undervalued.To take another example, the market is learning to value “Pre-A” or “Pre-Series” Breguet watches from the 80s at a premium. These are watches from before 1987 when Breguet introduced serial numbers ending in letters (A, B, C, etc.), and watchmaker Daniel Roth was still with the brand. It makes these Pre-A watches historically important for Breguet enthusiasts, not to mention rarer. In our conversation about neo-vintage watches, Ben Dunn mentioned that the market isn’t always as sophisticated at making these distinctions. It makes sense: Breguet is a much smaller, niche concern than Patek Philippe. But I always caution against pursuing rarity for its own sake. Eventually, it has to come back to the watches. The dial of a first series 3940 just looks a lot different than a later one. The subdials were hand-carved and harder to produce. This means production is much lower, but if you look at them, you’ll also understand: a first series 3940 still has vestiges of handmade watchmaking. And if the market asks for a huge premium between two things, and you really, truly, just don’t get it? You might be able to save yourself some money. But remember:The Roundup* Notes on Monaco Legend’s auction this weekend. Here’s the catalog, usually the most fun curation for those who love to peruse vintage. The glossy black dial Rolex 6238 is perhaps my favorite watch of all time. You’ll find 6238s with glossy or matte dials, but the early glossy ones are something. This one’s not perfect—MLG calls its slight spotting a “stardust effect,” but it’s special (Lot 84, est. €200–400k). For those who claim to love shapes, how about this Baume & Mercier car watch? With Swiss tariffs still in place, it’ll be interesting to watch the auction season, and to what extent American bidders stay on the sidelines (I’d bet a lot…). I also really like this multiscale Vacheron 4072 chronograph that Andrea Parmigiani showed off as “his” a couple of years ago. * Pre-owned is The Story. Brands and retailers both want in, all because it’s how customers, especially young customers, shop now. According to the annual Deloitte Swiss watch industry report, 40% of Millennials or Gen Z plan to buy a pre-owned watch next year, and the main reason is because they’re cheaper. Here’s the full Deloitte report:* How the Swiss Army Knife is dealing with tariffs. “It’s a Swiss icon that is inseparably tied to the promise of ‘Made in Switzerland’ quality,” Carl Elsener, CEO of Victorinox, said. “Moving its production abroad would undermine the very essence of our brand.” (NY Times)* Rolex filed a trademark for Padellone, the collector-given nickname for its vintage triple calendar moonphase ref. 8171, Italian for frying pan. I’m not sure how I feel about brands claiming IP ownership over collector-created terms, but it’s most likely a move to protect a word associated with the brand for future heritage-driven marketing or campaigns. * A look at Mark Cho’s watch collection. One of my favorite people to listen to talk about watches and collecting. (Swiss Watch Gang)* Um, Benrus sent around this new AI ad. Yikes. * Remember that antitrust case against Hermes for its Birkin bag allocation? It was dismissed. “It may be, as the plaintiffs suggest, that Hermès reserves the Birkin bag for its highest-paying customers, but that in itself is not an antitrust violation,” the judge wrote. It’s since been appealed, but for now, a small win for luxury brands that thrive on exclusivity. * Ikea put all its old catalogs online. Watch brands should do this. Finally, I haven’t felt a need to have a terms of service beyond Substack’s standard policy, but the comments from last weekend’s Berneron review illustrate what I’d consider a violation. If you say someone has a “character flaw” or call people liars, among other things, you’ll get banned for at least a month. But I thought this went without saying! I’ll be back in your inbox with a podcast interview later this week. Get in touch:* tony@unpolishedwatches.com* Instagram* Tap the heart or leave a comment to let me know what you liked or didn’t. Seriously, it helps make Unpolished better. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

Last week, I sat down for a fun chat with Ben Dunn of Watch Brothers London. Ben’s a U.K. dealer focusing on complicated neo-vintage watches from the 1980s–2000s. Our conversation comes in two parts: First, we talk about how Ben’s grown Watch Brothers London since he left Facebook to become a full-time dealer in 2022. Ben’s always transparent about his business and even shares some of his numbers, which I appreciate—he’s not one of those dealers playing the fake-it-till-you-make-it game. Then, we get nerdy about collecting neo-vintage watches. We talk Patek Philippe 3940, some of our other favorites—and least favorites—from the era, and how neo-vintage is different than other eras of collecting. Thanks to Ben for joining; follow him on Instagram or visit his website. Also s/o to Tim Vaux who takes the photos. Follow the podcast for future episodes: Spotify / Apple / RSS. Please subscribe to the feed because eventually I’ll stop sending out separate newsletters for episodes.To support the creation of more podcasts and access subscriber-only Q&A episodes, join Unpolished for $99/year or $9/mo:Show NotesIn-Depth: Blancpain’s Six MasterpiecesReference Talk: Patek Philippe Perpetual Calendar 3941The Three Dials of the Patek Philippe Perpetual Calendar 3940Instagram post by Ben showing various Patek 3940 dialsBen’s inventory we discuss:* Breguet Classique Tourbillon Skeleton 3355* Patek Philippe Second Series signed Beyer* Audemars Piguet Perpetual Calendar 25657 Mother-of-Pearl* Vacheron Constantin Perpetual Calendar with a sh*t ton of diamondsGet in touch:* tony[at]unpolishedwatches.com* Instagram* Or (my favorite), tap the heart, leave a comment, or send a message in the Substack app. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

We’re back with another audio chat, a podcast by any other name. This week, I’m joined by Brandon Moore, an editor at Watches by SJX based in Seattle. Brandon’s been an editor since 2018 and on forums longer than that. I particularly look to his opinions on independent and high-end watchmaking, but he’s got a keen eye and appreciation for watches of all kinds.We discuss trends in independent watch collecting, the interest in hand-finishing, Breguet’s 250th anniversary releases so far, Urban Jürgensen, the LVMH watch prize, and close by building two-watch collections with $50k from our favorite releases this year. Thanks for listening—I’ll do more regular chats throughout the rest of the year, so let me know what topics you’d like to hear more about. Follow the audio feed to get future episodes: Spotify / AppleTo support the creation of more podcasts, join Unpolished as a paid subscriber for $9/month or $99/year: Show Notes:* How Hand-finishing Became the New Complication, Unpolished* Movement Finishing in the Instagram Age, SJX* Breguet’s 2025 releases (all from SJX):* Up Close: Breguet Classique Souscription* Breguet’s Latest Type XX is Vintage-Inspired and No-Date* Breguet Introduces the Tradition Seconde Rétrograde 7035* Breguet Unveils First-Ever Flying Tourbillon with Tourbillon Sidéral* Insight: Breguet’s New Sympathique Clock and Natural Escapement* Ulysse Nardin Debuts Lightest Diver’s Watch, SJX* Watches Have a New Idea, and I Think I Like It, Unpolished* Editorial: Urban Jürgensen is Back, SJX* In-Depth: Rolex Land-Dweller, SJXFind Brandon on Watches by SJX or Instagram. P.S. We did get some intro music! ICYMIGet in touch:* tony@unpolishedwatches.com* Instagram* Or my favorite, tap the heart on this newsletter or leave a comment:* Or send a message via the Substack app: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.unpolishedwatches.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.unpolishedwatches.comFor the second day of Watches and Wonders, I joined Stephen Pulvirent and Justin Hast of The Enthusiasts. We discuss some of our highlights from the show, the vibe amid the general industry slowdown, and more. There’s Rolex, Nomos, Jaeger-LeCoultre, Cartier, and I pitch the guys on my idea of “opulent simplicity” from yesterday. I’ve included a portion …